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Petrol Landing Cost Now N180 Per Litre, Says Kachikwu

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The landing cost of Premium Motor Spirit, also known as petrol, is N35 higher than the pump price of N145 per litre, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said on Tuesday.

Kachikwu said the rise in global crude oil prices after the 2016 hike in petrol price brought back subsidy.

Recalling the experience of 2016, when the government increased petrol price from N86.5 to N145 after months of severe scarcity, he described fuel subsidy as an emotive issue.

“You have very positive argument that says, ‘Why is this happening; let’s get it out.’ Once you do it, the streets get flooded by protesters. You have five or six or 10 days of no activity in the country. So, any attempt to remove the subsidy must be very well-managed,” the minister said on the NTA Good Morning Nigeria programme, monitored by our correspondent.

He noted that in 2016, the government wrote to the Nigeria Labour Congress and all the trade unions, adding that meetings were held with the security apparatus.

Kachikwu said, “Even when there was a consensus on how we were going to do it, we still had an issue at the very tail end of the moment; NUPENG and PENGASSAN supported but, of course, the other members of the trade unions pulled out.

“Eventually, thankfully, Nigerians saw through what we were trying to do and let it happen. And thank God that happened at the time because when you look at the gap today, the landing cost is about N180 per litre and sale price is N145. Imagine if it (pump price) was N90-something; we will literally be a bankrupt country.”

The minister added, “The point I am making is that anything you are going to do on subsidy requires a very efficient management of information – getting everybody who are stakeholders to tie into it.

“Should we deal with the removal of subsidy? I was gung-ho when I assumed this position that there was no way I was going to tolerate a subsidy regime at the time in 2015 of about N1.2tn-N1.3tn. There was just no way; we didn’t have the capacity to continue to pay.”

“So, I convinced the President that this needed to happen; thankfully, he listened, he agreed and we did. Now, we then had over-recovery period for quite a while and then we went into this upswing in prices that has now taken us again into under-recovery.”

The minister noted that the government had not paid marketers all the outstanding subsidy arrears.

He said, “I think, first and foremost, we need to find a way of fixing refineries quickly, whether it is government-funded or whatever – my preference is always private sector funding.

“I think the labour union has never really said they would not be supportive of an attempt to take away this subsidy element; the union has always said, ‘If you are doing it, show me what you [will] do with those new receipts of income. Two, what do you do with the refineries?’ Therefore, we need to address those to even get their buy-in.

“Secondly, we need to segregate between those who need subsidy and those who don’t; you will find that 80 per cent or more of those who get subsidy today do not need it. There is nothing necessarily bad with some element of subsidy if it is well-managed and is very little, and if the private sector can take it away completely; that is fantastic. That is the most ideal situation.”

The Nigerian National Petroleum Corporation, which has been the sole importer of petrol into the country for about two years after private oil marketers withdrew from the importation of the product, bears the burden of subsidising the product.

As of March 20, 2018, when the international benchmark price for oil (Brent) was around $66 per barrel, the expected open market price of petrol, according to data obtained from the Petroleum Products Pricing Regulatory Agency, was around N189 per litre. The agency has not released any data since then.

The Group Managing Director, NNPC, on December 23, 2017, said the Federal Government had been resisting intense pressure to increase the pump price of petrol, noting that the landing cost of the commodity was N171.4 per litre as of December 22, 2017 when oil price was around $64 per barrel.

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Loss Of Family Values Responsible For Rising Insecurity In Nigeria — CDS Christopher Musa

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Christopher Musa, chief of defence staff (CDS), has said strengthening family values is essential to addressing insecurity in Nigeria.

Speaking on Thursday at the closing of the 2025 edition of “Exercise Haske Biyu” at the Armed Forces Command and Staff College (AFCSC) in Jaji, Kaduna, Musa explained that the exercise placed emphasis on family values, civic duty, and moral resilience as core responses to security challenges facing Nigeria and other participating nations.

“The family is the bedrock of every community. Without the family, there can’t be a good community,” he said.

He noted that the breakdown of the family system has contributed to rising insecurity. “What we have realised is that because the family system is failing, insecurity is growing, which means if we address the family issues, insecurity will go down,” Musa added.

The defence chief stressed that families must instil discipline, respect, and love in children, values that shape responsible citizens. “That is why you have the regulations. That is how people grow up to understand what it is to be human, what it is to respect one another and what it is to love one another,” he said.

Musa urged families to remain united, stating that strong family bonds promote national cohesion. “If families are united, then we are our brothers’ keepers and will not allow harm to happen to any other person, and Nigeria will be better,” he said.

He described the theme of this year’s exercise, “Family and national security”, as timely, noting that security begins with strong families and cohesive communities, not just with the actions of security agencies.

The CDS said the programme reinforced the relevance of the AFCSC in shaping Nigeria’s internal security strategy through joint training, intellectual engagement, and collaboration with ministries, departments, and agencies. He added that the participation of the first lady, Oluremi Tinubu, who delivered a keynote address at the opening, highlighted the importance of values and civic responsibility.

According to him, the first lady’s interaction with participants left a lasting impression that would inspire policy dialogue and collaborative efforts in tackling insecurity.

He urged participants to put lessons from the training into practice in the pursuit of peace and stability. Musa also inaugurated the remodelled staff duties wing of the college during the event.

Hassan Alhaji, commandant of the AFCSC, said the exercise underscored the importance of strong families as the foundation of society. He warned that weak family structures could fuel extremism, radicalism, and disunity, threatening national stability.

The commandant said the exercise enabled participants to design practical solutions to national challenges and empowered them as stakeholders in development. He added that the 2026 edition would build on this year’s progress by involving all arms of government, wider society, and persons with disabilities.

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BIG STORY

I Didn’t Promise To Step Down For Anybody – I Said I’d Support Whoever Gets ADC Ticket — Atiku

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Atiku Abubakar has denied reports claiming that he promised to step down for a “younger candidate” in the 2027 presidential election.

Paul Ibe, the former vice-president’s spokesman, issued a statement on Tuesday clarifying that Atiku’s remarks during an interview with the BBC Hausa Service had been misrepresented.

“It has become necessary to clarify certain misrepresentations arising from the reportage of an interview granted by His Excellency, Atiku Abubakar, to the BBC Hausa Service by some sections of the media,” Ibe said.

According to him, after reviewing both the video and transcripts of the interview in Hausa and in English translation, it was clear that Atiku “at no point expressly state, suggest, or even imply that he intends to step down for anyone”.

“What Atiku Abubakar clearly and unambiguously said was that young people, as well as other prospective presidential aspirants, are free to enter the contest,” Ibe explained.

He added that Atiku only stressed his willingness to support a younger candidate if such a person were to emerge through a competitive primary, noting that he would do so “without any hesitation”.

Ibe cautioned that while interpretative journalism is part of reporting, stretching interpretation “to the point of mischief” was unacceptable.

“For the records, therefore, the insinuations attributed to the Waziri Adamawa from his BBC Hausa interview are inaccurate and do not reflect what he actually said,” the statement read.

Atiku is expected to contest for the presidential ticket of the African Democratic Congress (ADC), which has been adopted by several opposition politicians as a platform to challenge the All Progressives Congress (APC) in 2027.

Earlier report had it that the three-time presidential candidate had said he could accept defeat if a younger aspirant emerged victorious in the ADC primary election.

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Nigeria Now Has Second-Highest Number Of Poor People Globally — Yemi Kale

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Yemi Kale, former statistician-general of the National Bureau of Statistics (NBS), says about 89 million Nigerians, representing 40 percent of the population, currently live below the poverty line.

Kale, who is now group chief economist and managing director of research and trade intelligence at Afreximbank, made the disclosure at The Platform Nigeria’s Independence Day event themed ‘Rebuilding Our Nation’.

He explained that Nigeria ranks as the country with the second-highest number of poor people in the world, coming only after India.

“To grasp the magnitude of this number, we can consider that fewer than 20 of the world’s 195 recognised countries even have a population larger than just Nigeria’s estimated number of poor,” he said.

The economist warned that the poverty crisis is worsening, adding that the trends “threaten the very promise of independence that every Nigerian should have the opportunity to thrive at home”.

He attributed the situation largely to policy missteps and delays in implementing necessary reforms, noting that “key adjustments, some finally underway, should have begun over a decade ago, when warning signs were already evident”.

According to him, earlier action would have softened the impact on households and businesses, sparing the economy years of “compounding fiscal and inflationary pressures”. Instead, he said, distortive monetary and exchange rate policies lingered, undermining investor confidence and discouraging investment.

Kale acknowledged that the series of reforms introduced recently are “challenging and painful”, but insisted “there is really no credible alternative”.

He stressed that consistent and transparent implementation of the reforms is essential to transform Nigeria’s economic potential into tangible and inclusive prosperity.

“The challenge, however, is to ensure that the path of reform is as painless, humane, and well-sequenced as possible,” he added, cautioning that in the past reforms had been poorly executed, leading to “avoidable hardships”.

Kale maintained that the government’s role is not to avoid reforms but to sustain them while urgently strengthening social protections. He emphasised that this would ensure the reform journey remains both economically sound and socially just.

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